Spring typically is the busiest season for real estate, but the COVID-19 economic shutdown hampered such transactions. However, it’s now looking more likely that, rather than no boom season at all, the annual spring boom has merely shifted to the summer months.
Pandemic Effect
If you are going to have a stay-at-home order, why not spend it on the lake? When you live on the lake full time, “staycations” are a daily occurrence. The more people were cooped up in the spring of 2020, the more they felt the need for solitude and a relaxing place to get away.
Also, many people in congested cities are rethinking their lifestyle choice, especially when the pandemic became such a mindset change. Getting away from the crowd became a top priority. Boating, fishing, swimming, waterskiing, jet-skiing, kayaking, paddle-boarding, etc.; are all activities that can be done while social distancing.
Favorable Interest Rates Boost Buyer Demand
Although 90 percent of agents believe low mortgage interest rates continue to boost buyer demand, the implementation of stricter lending standards could be a counterbalance to appealing mortgage rates.
Currently, it looks like buyer demand is bouncing back quicker than seller activity. This is definitely true on East Tennessee Lakes, where low inventory continues to be a challenge.
Emotional Connection
We also see people trying to “reconnect” with a simpler time and a slower paced lifestyle, they are rethinking what is most important to them. We talk with thousands of buyers every month, and most describe some personal emotional connection with lake life. They may have visited grandparents as a kid or vacationed on the water in the past, but the feeling of that lifestyle sticks with them.
Posted by Jack Vincent, Lakefront Living Realty TN
Excerts by Scott Freerksen “The Lake Guy”